90-3-425
The first charge is half right. Macroeconomists, especially within central banks, were too fixated on taming inflation and too cavalier about asset bubbles. Financial economists, meanwhile, formalised theories of the efficiency of markets, fuelling the notion that markets would regulate themselves and financial innovation was always beneficial. Wall Street's most esoteric instruments were built on these ideas.
But economists were hardly naive believers in market efficiency. Financial academics have spent much of the past 30 years poking holes in the "efficient market hypothesis". A recent ranking of academic economists was topped by Joseph Stiglitz and Andrei Shleifer, two prominent hole-pokers. A newly prominent field, behavioural economics, concentrates on the consequences of irrational actions.
So there were caveats aplenty. But as insights from academia arrived in the rough and tumble of Wall Street, such delicacies were put aside. And absurd assumptions were added. No economic theory suggests you should value mortgage derivatives on the basis that house prices would always rise. Finance professors are not to blame for this, but they might have shouted more loudly that their insights were being misused. Instead many cheered the party along (often from within banks). Put that together with the complacency of the macroeconomists and there were too few voices shouting stop.

A. 어휘
charge 비난, 고소. macroeconomist 거시경제학자. fixate 고정시키다.
tame 억제하다, 길들이다. cavalier 교만한, 대범한, 호방한, 騎士(기사).
asset bubbles 재산거품(실제보다 부풀려진 재산). financial economist 금융학자.
meanwhile 한편으로는. formalise 형식(공식)화하다. efficiency 효율, 능력.
fuel 연료를 공급하다. regulate 조절하다, 규정하다, 통제하다. innovation 혁신.
Wall Street 미국 금융시장의 중심지. esoteric 秘敎(비교)적인, 비밀의, 난해한.
instrument (금융)기관, 도구. naive 순진한. academic 학자.
poke 쿡쿡 찌르다, 쑤시다. hypothesis 假說(가설). prominent 탁월한.
behavioural economics 행동주의경제학. consequence 결과.
irrational action 비합리적인 행동. caveat 경고, 주의. aplenty 풍부하게, 많이.
insight 통찰, 인식, 견식. academia 學界(학계).
rough and tumble 混戰(혼전), 亂鬪(난투). delicacy 珍味(진미), 精緻(정치), 우아.
absurd 부조리한, 불합리한, 어리석은. assumption 假定(가정).
mortgage 저당, 抵當權(저당권). derivative (금융)파생상품, 파생어, 도함수.
are not to blame 비난을 받아서는 아니 된다. complacency 자기만족, 得意(득의).

B. 구문
- A recent ranking of academic economists . . . and Andrei Shleifer,
[최근의 경제학자 순위 매김에서 Joseph Stiglitz와 Andrei Shleifer가 1등을 하였다.]
- they might have shouted more. . . were being misused.
[그들은 그들의 견해가 誤用(오용)되고 있다고 보다 더 큰소리로 외칠 수도 있었는데 외치지 않았다(그래서 유감이다)].
- many cheered the party along
[많은 재정학 교수들이 파티(경제적 낙관)를 함께 즐겼다.]
- Put that together with the complacency . . . few voices shouting stop.
cf. 명령문, and. ...→if절.
ex. Work hard, and you will succeed.=If you work hard, you will succeed.
[재정학 교수들의 파티와 거제경제학자들의 자기만족이 합치는 바람에 stop(낙관적 경제전망을)하라고 외치는 소리가 거의 없었다.]

90-4-426
Blindsided and divided
The charge that most economists failed to see the crisis coming also has merit. To be sure, some warned of trouble. The likes of Robert Shiller of Yale, Nouriel Roubini of New York University and the team at the Bank for International Settlements are now famous for their prescience. But most were blindsided. And even worrywarts who felt something was amiss had no idea of how bad the consequences would be.
That was partly to do with professional silos, which limited both the tools available and the imaginations of the practitioners. Few financial economists thought much about illiquidity or counterparty risk, for instance, because their standard models ignore it and few worried about the effect on the overall economy of the markets for all asset classes seizing up simultaneously, since few believed that was possible.
Macroeconomists also had a blindspot: their standard models assumed that capital markets work perfectly. Their framework reflected an uneasy truce between the intellectual heirs of Keynes, who accept that economies can fall short of their potential, and purists who hold that supply must always equal demand. The models that epitomise this synthesisthe sort used in many central banksincorporate imperfections in labour markets ("sticky" wages, for instance, which allow unemployment to rise), but make no room for such blemishes in finance. By assuming that capital markets worked perfectly, macroeconomists were largely able to ignore the economy's financial plumbing. But models that ignored finance had little chance of spotting a calamity that stemmed from it.

A. 어휘
Blindsided and divided 한쪽 눈이 멀고 분열된. crisis 위기. merit 뛰어남, 장점.
The likes 同類(동류), ...와 같은 사람들. settlement 決算(결산).
prescience 先見之明(선견지명), 叡智(예지). worrywart 걱정하는 사람.
amiss 잘못된, 틀린. was partly to do with 부분적으로 ...와 관련이 있었다.
silo 지하저장실, 사이로. professional silos 전문사이로(경제학의 취급범위를 의미).
available 이용 가능한.
practitioner 본문에서는 경제실무를 취급하는 전문가를 의미, 開業醫(개업의), 변호사.
financial economist 금융전문가. illiquidity 유동성 부재.
counterparty risk 거래상대방이 갖고 있는 위험요소. ignore 무시하다.
asset classes 재산계급. seize up 매질하기 위하여 동여매다. seize 붙잡다.
simultaneously 동시에, 일제히. macroeconomist 거시경제학자.
blindspot 盲點(맹점). framework 構造(구조), 체제, 계획. truce 休戰(휴전).
intellectual heir 지식의 후계자. fall short of ...에 도달하지 못하다, 모자라다.
potential 가능성, 잠재력. purist 순수주의자. equal ...에 匹敵(필적)하다, 같다.
epitomise 요약하다. synthesis 통합, 합성. incorporate 결합하다, 편입하다, 합병하다.
imperfection 결점, 약점, 불충분. sticky 끈적거리는, 꼼짝 않는 .
“sticky󰡓 wages 변하지 않는 賃金(임금). blemish 汚點(오점), 損傷(손상).
financial plumbing 금융시스템의 漏水(누수)현상을 찾아내어 수리하는 것, 금융납땜질.
spot 분간하다, 알아내다, 관측하다. calamity 災殃(재앙). stem 유래하다.

B. 구문
- few worried about the effect . . . few believed that was possible.
[자산을 가진 모든 계층이 동시에 시장으로 달려드는 것이 시장경제 전반에 미치는 영향에 대해서 거의 아무도 걱정하지 않았다. 왜냐하면 그런 일이 일어날 것이라고는 거의 아무도 믿지 않았기 때문이다.]